LVMH Moët Hennessy Louis Vuitton SE, or simply LVMH, has become a premium partner of the 2024 Paris Olympics and Paralympic Games. The sponsorship agreement was announced on 24 July in Paris in the presence of LVMH chairman and CEO Bernard Arnault.
Among the five other premium partners, or top-tier sponsors, of the mega sporting tournament are grocer Carrefour SA, and telecom carrier Orange SA, pharmaceuticals company Sanofi, electricity provider EDF, and banking group BPCE.
LVMH is the first European company with a market value of over USD 500 billion and the world’s biggest luxury group. Its Paris Olympics 2024 deal is the first of its kind by the conglomerate, wherein the entire group is involved instead of individual deals that are usually signed by any of the 75 brands under it.
Everything about the LVMH and 2024 Paris Olympics deal
How LVMH brands are involved in the tournament
Several of LVMH brands will be involved in different aspects of the 2024 Paris Olympics and Paralympic Games.
Jewellery house Chaumet will design the tournaments’ medals. Moët Hennessy wines and spirits Maisons will be involved in the hospitality programmes during the Games. Sephora will be a partner for the Olympic Torch Relay.
In the next few months leading up to the tournament, luxury fashion giants Louis Vuitton, Dior and Berluti will be revealing their involvement with the Games. Reports suggest that one of the many brands under LVMH might design the official Olympic uniform of the French team.
LVMH will also directly sponsor athletes. In the official announcement on Monday, the conglomerate said that the first name they have picked is 21-year-old French swimmer Léon Marchand. One of the biggest medal hopes for the French Olympic team, Marchand has won three world champion titles and is the world record-holder of the 400 metre individual medley.
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Value of the deal not disclosed
The announcement of the deal comes exactly a year before the start of the games, which is to be held from 26 July to 11 August 2024 in Paris.
The deal with LVMH helped the organisers reach their sponsorship target of EUR 1.24 billion (USD 1.37 billion/ HKD 10.73 billion).
Financial Times reported that though the value of the deal was not disclosed, a source said that it was worth around EUR 150 million (USD 166.12 million/ HKD 1.3 billion).
Antoine Arnault makes announcement
The deal was announced at Grand Palais Éphémère by Antoine Arnault, one of Bernard Arnault’s children and heirs.
International Olympic Committee President Thomas Bach, France’s sports minister Amélie Oudéa-Castéra, Paris 2024 chief organiser Tony Estanguet, and Paris Mayor Anne Hidalgo were also present for the announcement, where the Eiffel Tower formed the backdrop.
“I have the honor of officially announcing that we are now committed to being a premium partner for the 2024 Paris Olympics,” Antoine Arnault, who reportedly negotiated the deal, said. “The Games are an opportunity to make France shine.”
In a statement, Bernard Arnault, one of the world’s richest persons, said, “Sports is a tremendous source of inspiration for our Maisons, which will unite creative excellence and athletic performance by contributing their savoir-faire and bold innovation to this extraordinary celebration.”
(Hero and Featured images: Philippe Servent via LVMH/@LVMH/Twitter)
This story first appeared on Prestige Online Hong Kong
